OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Irs Data Collection Proposal Bad for Families, Businesses

Floor Speech

Date: Oct. 21, 2021
Location: Washington, DC

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Mr. GUEST. Mr. Speaker, I rise today to encourage my colleagues to join me in opposition to the proposed IRS reporting plan that would intrude on the bank accounts of Americans and impose new regulations on our already overregulated banking system.

First, it is not apparent that the IRS has any constitutional authority to monitor Americans in this way.

Second, the American public does not support the expansion of IRS bank data collection. Recent polling shows bipartisan opposition, with 67 percent of those polled opposed to the IRS collecting bank deposit and withdrawal information.

Finally, this would add another regulatory burden to our financial institutions after a historic year when banks and credit unions provided lifelines to families, businesses, and communities during the COVID-19 pandemic.

This proposal imposes upon our right to privacy and is bad for families, small businesses, and financial institutions. I hope my colleagues across the aisle will reconsider their support for this unwarranted expansion of government.

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